National news

Hurricane Sandy may force evacuations in NYC

Virginia, N.C. declare emergencies; NYSE making contingency plans

By

SteveGelsi

ValBrickates Kennedy

NOAA

NEW YORK (MarketWatch) — New York City Mayor Michael Bloomberg was expected to decide as early as Saturday whether to order evacuation of 375,000 residents from low-lying areas of the city’s five boroughs, according to media reports, as the monster Hurricane Sandy continued moving north along the Eastern Seaboard.

As Bloomberg was discussing the city’s plans to cope with Sandy, New York Gov. Andrew Cuomo declared a state of emergency for the entire state on Friday evening, the New York Daily News reported in its online edition.

Those were part of the prepara tory steps being taken throughout much of East, New England and Midwest in anticipation of weather forecasters’ predictions that the Category 1 hurricane Sandy, as it approaches the New York area Sunday or Monday, could merge with a snow-bearing cold front moving down to from Canada to form a huge, devastating “Frankenstorm.”

As of 11 p.m. Eastern on Friday, the eye of the storm was reported 395 miles south-southeast of Charleston, S.C., moving north at 7 mph. The storm was packing 75-mph winds, and the National Weather Service tropical-storm-force winds extended 415 miles from the center. The storm was expected to pick up some speed Saturday, but also lose some strength, perhaps weakening to a tropical storm, the weather service said. Click here for National Hurricane Center.

“With the angle that it’s coming in, it’ll just pile up water right up against the shoreline,” said Henry Margusity, senior meteorologist with AccuWeather. “We’re still trying to assess the surge of water from the storm. There could be flooding up the Hudson River all the way to New York City.” Read: Why betting on Sandy may be unwise.

Unlike a standard hurricane that focuses its power near the eye of the storm, the worst of Sandy may come from its edges, in areas spanning New England to Virginia, he said. Under a worst-case scenario, New York could face the most intense storm in its history. See: Outside of the Box column by Eric Holthaus

“There will be school closures, travel will be messed up for days and major airports will be closed,” Margusity said. “This could be a disaster of biblical proportions — a multi-billion-dollar disaster.” Winds in the storm’s outlying areas are expected to gust as high as 80 miles per hour, he said.

On Friday, officials in and around New York scrambled to get ready for the storm.

Rich Adamonis, a spokesman for the New York Stock Exchange
US:NYX
said contingency plans are being drawn up.

A Nasdaq OMX Group Inc.
NDAQ, -1.09%
spokesman said Friday the electronic equities exchange plans to continue to operate despite the approach of Hurricane Sandy early next week.

“We have fully rehearsed business continuity plans for all critical operations including facilities, market operations and key staff and stand ready to implement should a situation necessitate,” said Nasdaq spokesman Ryan Wells.

Last year, the Nasdaq and the NYSE operated even after Hurricane Irene shut down much of the region’s transportation infrastructure.

The New York Mercantile Exchange said it has plans in place to make sure its markets continue to function.

“We will continue to monitor the situation and will notify customers, market participants and our employees as appropriate,” emailed Damon Leavell, a spokesperson for the CME Group
CME, -0.68%
which owns the NYME, where crude-oil futures and other commodities are traded. “We have no immediate plans to close the exchange,” said Leavell, who added that the CME’s Globex platform, the exchange’s electronic trading system, is based in the Midwest, with backup systems scattered in varying locations.

Utilities such as Newark, N.J.-based PSE&G
PEG, -0.73%
said they’re starting to bring in extra workers to handle any power outages. The company said it’s requested more than 1,300 linemen and 600 tree contractors from utilities in other states to assist its crews.

The MTA will shut down service before the arrival of sustained winds of 39 miles per hour or higher. “No decision has been made whether to suspend some or all service in advance of the storm, but ample notice will be provided,” according to a statement from the MTA. MTA Chairman Joseph Lhota said New York buses may be moved to higher ground if needed.

Bloomberg said NewYork has activated its Office of Emergency Management situation room, according to reports.

In the commodity markets, New York Harbor RBOB gasoline futures
US:RBX2
rose 2 cents to $2.70 a gallon. Andy Lipow, president of Lipow Oil Associates LLC in Houston, said in a telephone interview that futures are reflecting concerns about the potential for supply disruption.

“People won’t see much of an impact on the retail level, but it could slow down the drop of gasoline prices that we’ve seen,” he said.

Even if Hurricane Sandy weakens as it moves north or moves farther out to sea, it could still collide with cooler air and transform or feed into a Nor’easter. Travelers between Monday and Wednesday may encounter delays at airports and other transportation problems, he said. Read about Sandy's impact on airlines.

Sandy comes a little more than a year after Hurricane Irene caused a historic shutdown of the New York City subway system and inflicted billions of dollars in damage.

Here’s how authorities are preparing:

Reuters

Jean Marie Brennan walks along the jetty at Lighthouse Point Park as Hurricane Sandy passes offshore in Ponce Inlet, Florida, on Oct. 26.

Baltimore Mayor Stephanie Rawlings-Blake said Friday she has convened a meeting of all the city agency heads to begin preparations for Sandy.

“Mayor Rawlings-Blake and city agencies are coordinating efforts to ensure that all necessary emergency response vehicles are in-service and fully fueled, and that adequate police, fire, EMS, public works and forestry staffing plans are in place, going into the expected storm period,” her office said in a statement.

“Based on our current forecasts, the eastern third of Virginia could experience tropical storm force winds for more than 48 hours, several inches of rain and coastal flooding,” Virginia Gov. Bob McDonnell’s office said in a statement on Friday. Read the McDonnell’s full statement.

Inland areas of Virginia could see strong winds and significant rainfall, and there is a strong likelihood of extensive power outages, it said.

From North Carolina, the state’s emergency management office said on its Facebook page that it expects coastal flooding from Saturday night into Monday, with storm surges of 1 to 5 feet. Rainfall along the coast is anticipated to be 4 to 6 inches, with up to 8 inches in some areas.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.